Guarseed futures plunge over 2 per cent

Guarseed prices drifted by Rs 89 to Rs 3,600 per quintal in futures trade today, tracking a weak trend at domestic spot markets and subdued overseas cues.
At the National Commodity and Derivatives Exchange counter, guarseed 10 mt prices for second contract November month dipped by Rs 89 or 2.41 per cent to Rs 3,600 per quintal, in an open interest of 23,180 lots.
First contract for October too remained in pressure, dropped by Rs 81 or 2.19 per cent to Rs 3,610 per quintal and open interest stood of 46,920 lots.
Marketmen said a weak trend at the spot markets due to low demand from oil drilling industries in global markets and increased arrivals, mainly pulled down guarseed prices at futures trade here.